N13.5bn Debt: Babalakin Claims FG Owes Him N132bn, Vows To Sue AMCON

Babalakin-courtThe accusation and counter-accusation game between the Federal Government and embattled chairman of Bi-Courtney Limited (BCL), Dr Wale Babalakin continued on Tuesday, as he denied owing the Asset Management Corporation (AMCON) N13.5 billion.

At a press conference in Lagos, Babalakin rather claimed that government was indebted to his company to the tune of N132.5 billion.

Babalakin, who held the press conference on the premises of the property at 43A Afribank Street, Victoria Island which AMCON claimed it had sealed off over the said debt, described the action as a “monumental fraud and executive recklessness” and had concluded arrangement to sue AMCON for a sum of N50billion for the damages its actions had caused the company.

According to him “AMCON is fully aware of the facts of this case and it is party to it through GTBank, yet, surreptitiously obtained an ex parte order from the Federal High Court to take over the premises without discussing the issues.

“For the avoidance of doubt, we are not indebted to AMCON or any federal agency. On the contrary, we have a judgement credit of N132 billion in our favour. The courts have directed that if we owe any debt to the Federal Government, it should be deducted from this amount of money.”